Living Trust vs. Will

What’s the difference?

A Will

A will is a written legal document that dictates how your possessions will be distributed after your death. It is revocable and amenable during your life, and is the document in which you can appoint a guardian for your minor children.

A Trust

A living trust is a legal document that partially substitutes for a will. Your assets are put into your trust during your life time, to be given over to the pre-appointed beneficiaries when you die. Usually, you make yourself the trustee, and appoint a successor, so that you can manage your assets until you die. More than this, however, living trusts are for the management of properties, including real estate and/or personal properties. A property can be managed or distributed among inheritors without expensive court-supervision.

Why choose one over the other?

Assets and responsibilities tend to push people to select one or the other. Factors such as estate taxes, the existence of minor dependents, and how much privacy is preferred are all important in deciding between a living trust and a will.

Are you deciding between a trust and a will? Need advice? Call 805.569.9400, and we will do our best to connect you with a lawyer who can help.